Quote:
Originally Posted by Gundo
So last year I was diagnosed with bi-lateral testicular cancer and really only could work for 4 months of the year, long story short bills piled up abit for us. I was wondering if anyone knows anything about doing "interest only" payments on your Mortgage of if they may put the Mortgage on hold for a month or two so someone can play catch up.
Anyone have any insight?? Its kind of a gut check to have to do it but thanks to poor health in the last year and starting a new job Im low on options.  |
Jeez that sucks, sorry to hear that.
I have a Line of Credit on my condo instead of a mortgage, meaning I have to pay off interest-only payments every month. At the moment I pay prime (2.25 I think?) on the borrowed amount per year. In my situation I then add a whole lot to that payment to eat away at the principle, but in yours you could just do the interest only payments which should be lower (I would think a lot lower, depends on the exact numbers). Obviously it's not normally advisable to make interest-only payments on your place, but if that's the way it's got to be, you could try that. No idea if it's hard to qualify for that kind of thing or not. I just went through a mortgage-broker.